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    Local shares are poised to plunge.

    ASX dives 1.7pc; economy grew 0.2pc in June quarter

    Shares plunge; US manufacturing data frays investor nerves; Orora rallies after selling North American business; Cettire founder lifts stake. Follow updates here.

    Latest Posts

    Last updated 2 mins ago

    Greg Combet, the new chair of the Future Fund.

    Future Fund gains 9.1pc aided by stocks, private credit

    The Future Fund’s assets stand just shy of $225 billion after it delivered a 9.1 per cent return over the past financial year.

    Family trust: Inside the Pratts’ legal soap opera

    Richard Pratt carefully designed a succession plan for his three children, Anthony, Heloise and Fiona. But even the best-laid plans can wind up in court.

    AirTrunk’s $23.5b AI pay day

    Blackstone emerged as the winning bidder in the year’s biggest merger and acquisition deal, netting its founder Robin Khuda a $1 billion-plus payday.

    McKibbin tells Chalmers: you’re part of the inflation problem

    Former RBA board member Warwick McKibbin says Treasurer Jim Chalmers should be doing more to get inflation under control instead of criticising the central bank.

    Why Nvidia’s plunge has global markets on edge

    A historic fall in the chipmaker’s shares was followed by news it is in the sights of competition regulators. Nervous investors are looking over their shoulders.

    Albanese New York Quad meeting on the agenda

    Quad leaders are working towards holding a meeting amid escalating Indo-Pacific tensions; “No bail out” from federal government for private hospital operators. Follow live updates.

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    asia summit

    Foreign Minister Penny Wong at The Australian Financial Review Asia Summit.

    Be bold on Asia or miss out, business leaders warned

    Australian businesses’ narrow focus on China and North Asia means they are struggling to keep pace with the billions of investment dollars pouring into South-East Asia.

    Lynas chief executive Amanda Lacaze at The Australian Financial Review Asia Summit on Tuesday.

    Want to do business in Asia? Beware your unconscious bias: Lynas boss

    Amanda Lacaze, the managing director of Lynas Rare Earths, narrates how she set aside a full day for cultural awareness during her trip to Malaysia.

    Australian ambassador to the US Kevin Rudd addresses the AFR Asia Summit.

    Deterrence key to preventing war with China: Rudd

    It needs to be made clear to Beijing that military adventurism comes at a high price, the Australian ambassador to the US told the AFR Asia Summit.

    Economic challenge looms for Australia regardless of Trump or Harris win

    The race for the White House has implications for Australia irrespective of who wins the presidency.

    Foreign investors want clarity on retooled FIRB

    Federal Treasurer Jim Chalmers’ safeguards for higher-risk foreign investment proposals have been met with confusion overseas.

    AIRTRUNK MEGA DEAL

    Robin Khuda’s AirTrunk will be sold to Blackstone in the year’s biggest M&A transaction.

    Blackstone wins AirTrunk auction with a price tag close to $23.5b

    The $US1 trillion-plus private capital juggernaut emerged as the winning bidder for the data centre group, defeating a consortium led by IFM Investors.

    Robin Khuda’s is an incredible story of success.

    AirTrunk isn’t just a $23.5b deal. It’s a moment

    From artificial intelligence and private capital to property and energy, AirTrunk’s sale to Blackstone is a deal that brings together so many strands of Australia’s economy and society.

    AirTrunk’s big number cements its deal of the year trophy

    Eight months ago, bankers were telling their clients they could get the data centre giant for $11 billion to $12 billion. It has just sold for double that.

    Robin Khuda is the ringleader of this year’s biggest M&A deal

    The founder of AirTrunk has cashed in on the inexorable rise in demand for processing power and built a vast fortune on the rise of cloud computing.

    Meet the key players behind AirTrunk’s $23.5b sale to Blackstone

    The $24 billion deal included $14 billion of equity and was expected to be announced by Blackstone and AirTrunk shareholder Macquarie Asset Management on Wednesday. 

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    Companies

    Treasurer Jim Chalmers has already intervened twice in the ownership of Northern Minerals.

    Mystery investor raises questions about Northern Minerals divestment

    Labor forced the miner’s largest investor, a China-linked fund, to sell its shares. A Hong Kong-registered firm with almost no corporate history bought up.

    Albemarle and Tianqi are set to appeal to the US government to exempt their huge Greenbushes mine from being designated under the foreign entity of concern rules.

    The only profitable lithium mine in Australia revealed

    Every Australian lithium mine is losing money except for the famously low-cost Greenbushes, which could withstand a deeper commodity price rout.

    Myer executive chairwoman Olivia Wirth joined in March from Qantas, where she was head of loyalty.

    Sass & Bide stores to close as new Myer chief clears the decks

    Olivia Wirth has moved quickly to axe the storied fashion chain’s standalone retail outlets ahead of a proposed merger with Premier Investments brands.

    Craig Kennedy, Cuscal’s chief executive, says he wants a float to set the company up for long-term success, not quick profit.

    Cuscal considers IPO plans after recording a surge in earnings

    The payments processor owned by mutual banks and credit unions is lining up meetings with prospective investors as it attempts to hit the ASX before Christmas.

    REA’s interest in British realty giant Rightmove met with scepticism

    But shares in the London-listed target soared 27 per cent overnight on confirmation that the News Corp-controlled group was considering making a takeover bid.

    These three charts show how Coles is outperforming Woolworths

    The country’s second-largest supermarket chain is doing better than its bigger rival – from more stock on shelves to lower theft and better value. Here’s why.

    Vintage Cellars to disappear under Coles’ bottle shop rebrand

    Coles is trialling an enlarged Liquorland footprint as its best chance of catching up to rival retailer Dan Murphy’s.

    Companies in the News

    Search companies

    View stories and data from an ASX listed company

    Markets

    Retail stocks are likely to be the best performers this year amid a hot sharemarket, as tax cuts line pockets.

    Brokers tip these stocks in an already hot sharemarket

    Equities strategists and fund managers are working out how to navigate a market that has been on a bull run, creating increasingly stretched valuations.

    The New York Stock Exchange.

    What happened overnight? Nvidia sell-off paced Wall Street slide, oil plunged

    Australian shares were set to plunge more than 1 per cent amid heavy selling in New York as manufacturing weakness renewed outlook worries. Volatility spiked.

    Support columns for a highway under construction in Jinan, China. Fewer construction projects in the country has dented demand for steel, and with it, iron ore.

    Iron ore slides below $US100 a tonne as stock sits on Chinese docks

    Strategists are warning that the commodity, one of Australia’s key exports, would continue to sink amid depressed demand for steel in China this year.

    Hybrids make stealthy return in Scentre vision

    A $750 million hybrid security issue entertained by Scentre may encourage more corporations to turn to the Australian debt market to bolster their balance sheets.

    ‘Winner takes all’ cycle dashes hopes of ASX small-cap revival

    Blue-chip stocks asserted their dominance throughout the August reporting period, but analysts warn that has left valuations stretched.

    Opinion

    It’s up to business to take the Asian opportunity

    While the government’s initiatives are designed to make it easier for Australian business to get established in new markets, it is up to business to take the opportunities we have created.

    Penny Wong

    Senator

    Penny Wong

    Why the Philippines is the new China flashpoint

    Most people have never heard of the Sabina Shoal, but it’s become the latest global testing ground for confrontation with China. Will it trigger broader conflict?

    Australia’s going backwards in the fastest growing region

    Asian investment isn’t just good business, it’s good security as well.

    The AFR View

    Editorial

    The AFR View

    Chalmers is smashing Labor’s economic legacy

    If only the treasurer focused a little less on managing political expectations and a little more on managing inflation expectations we might have avoided this mess in the first place.

    Chalmers is more in touch with the economy than the RBA

    It’s easy enough to understand the treasurer’s criticism of the RBA in political terms. But the inflation target that is good for the central bank as an institution is not so good for the economy.

    John Quiggin

    Economist

    John Quiggin

    Why Albanese is talking big in WA

    The Albanese cabinet is trying to prop up its electoral standing in Western Australia with the promise of new jobs and economic opportunities. The resources sector is highly sceptical of Labor’s agenda.

    Reports

    Higher Education Awards

    The Higher Education Awards highlight the tremendous contribution that the Higher Education sector makes to Australian capability, prosperity and society.

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    Politics

    Iranian Supreme Leader Ayatollah Ali Khamenei.

    Iran summons Australian ambassador over Instagram post

    The Australian embassy had posted an Instagram message about supporting LGBTQIA youth and the Iranian government complained it “promoted homosexuality”.

    The CFMEU has made $6 million in donations and in kind support to Labor since 2019-20.

    CFMEU ban to deny Labor millions in election cash

    Party figures expect rival unions including the United Workers Union and the conservative Shoppies to fill a funding void left by the CFMEU’s administration.

    EnergyAustralia a big winner under Labor’s renewables guarantee

    EnergyAustralia boss Mark Collette warned Labor’s flagship Capacity Investment Scheme could fund projects that would never be built. Months later EA is the big winner.

    ‘I love a cunning plan’: A crime boss, the CFMEU and tax-dodging deals

    Secret police recordings of more than 1000 calls made from prison helped unravel George Alex’s sprawling and corrupt labour hire empire.

    Feds launch takeover of dysfunctional NSW Liberal division

    The NSW Liberal Party will be placed under control of party elders amid fears its ineptitude could cost Peter Dutton dearly at the federal election.

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    World

    The aftermath of destruction in Poltava, Ukraine.

    Missile strike kills at least 50 in Ukraine

    “The Russian scum will definitely be held accountable for this strike,” President Volodymyr Zelensky said after the attack, the war’s deadliest single strike this year.

    Former DFAT chief Peter Varghese addresses the AFR Asia Summit.

    Economic challenge looms for Australia regardless of Trump or Harris win

    The race for the White House has implications for Australia irrespective of who wins the presidency.

    Zahra Tarreel Adam, 19, and her one-year-old Abdallah fled from their village of Kandobe in Darfur, Sudan.

    No one is talking about the world’s worst humanitarian crisis

    Sudan’s catastrophic war could kill millions and spread chaos across Africa and the Middle East as huge numbers of refugees flee the country.

    New Zealand nearly triples fees for foreign tourists

    Like many popular travel destinations, the shaky isles have struggled with the impact of visitors on the natural environment and local infrastructure.

    How China’s coast guard is ‘trying to occupy the ocean’

    In most countries, coast guards are there to do just that: guard domestic coasts and territorial waters. China’s, however, is more like a second navy.

    Property

    More centralised: Value NSW is taking half of its annual 2.7 million valuations inhouse.

    NSW valuer general takes half its 2.7 million valuations inhouse

    The move will save time and money, but there are bigger changes afoot in the valuation sector, with artificial intelligence offering to turbocharge efficiency.

    Bricking up: New housing approvals rose in July, but the boost may not last.

    Apartments boost housing approvals – but not enough

    Australia’s home-building activity remains well below target to meet the government’s 1.2 million target. The slowdown is hitting all types of housing.

    Nick Politis says the investments will generate 6pc returns.

    ‘Great assets’: Nick Politis pays $50m for Porsche dealerships

    Sydney Roosters chairman Nick Politis has added two Melbourne Porsche dealerships to his 28pc stake in ASX-listed Eagers Automotive.

    A $1.4m sale plays the Brisbane and Melbourne markets – and wins

    It wasn’t on purpose, but a young couple bought and sold in two capital city markets at just the right time.

    The ultrarich are buying up big, and using shell companies to hide it

    Across the country, the wealthy are increasingly creating schemes to shield real estate transactions from view. And with it, creating a whole new industry.

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    Wealth

    Finding companies that look cheap or are trading below fair value is challenging.

    Five ‘fallen angels’ on the ASX worth considering

    Several former market darlings are beset by short-term issues but could re-emerge as winners.

    Why the family farm has become a huge inheritance challenge

    Succession planning can be extremely difficult, but it doesn’t have to be if you start talking early and come up with a workable strategy.

    How investors can profit from the commercial property cycle

    It’s important to recognise and understand the four phases in the cycle – recovery, expansion, hyper-supply and recession – to enable better decisions.

    Technology

    Google or Samsung, which folding phone is best?

    Google’s folding Pixel phone has finally come to Australia, so we’ve put it head to head with the incumbent.

    Melanie Perkins at a Canva event earlier this year. The company is rolling out plenty of new features, but increasing the price of its products.

    Canva triples prices citing the need to pay for new AI design tools

    The increase in the cost of its popular software ahead of an IPO may lead some smaller customers to abandon the company for cheaper rivals, analysts warn.

    Eric Schmidt, former CEO and chairman of Google.

    Why ex-Google chief Eric Schmidt warns we may have to pull plug on AI

    The former Google chief executive and chairman said Western democracies had to regain lost ground in industrial policy to counter China.

    Work & Careers

    Former CFMEU national president Jade Ingham during a press conference in Brisbane, on Tuesday, said he would fight for more than eight years if he had to.

    Sacked CFMEU leader goes to High Court to fight takeover

    The CFMEU’s ousted leadership has sworn to keep fighting for years just as other unions disband branches or threaten administration over misconduct claims.

    Extra 21,000 childcare workers needed now: report

    Low pay, excessive overtime, lack of career progression and high levels of burnout are contributing to high attrition rates in the childcare sector.

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    Life & Luxury

    The $6000 health check-up that may help you live to a ripe old age

    From lung capacity to the state of your arteries, a battery of tests at a Sydney longevity clinic aims to extend your health span.

    You can’t possibly miss Disneyland California’s Together Forever fireworks spectacular.

    If you’re leaving Disneyland while it’s light, you’re doing it wrong

    The world’s best-known theme park inspires awe and delight during the day, but after dark Walt’s $280 billion vision truly comes to life.

    “Hair is everything” goes the saying from TV series Fleabag, and Lauren Sams knows this to be true.

    I didn’t love my hair, until I lost it

    AFR journalist Lauren Sams hoped losing her hair might feel empowering, but it just made her sad – and cross at anybody who takes their tresses for granted.

    Generic

    Where to buy crease-free travel clothing

    Don’t bother with the hotel iron – pack these comfortable and stylish threads instead.

    Marnie Ogg.

    Why hiking is so good for you

    Tour company founder Marnie Ogg usually walks alone, with sometimes unexpected companions.

    From the gallery